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Mortgage Payment Calculator [If You Know Three Things] Day Five

Here's why a home mortgage payment calculator should actually be called an amortization calculator. Day 5 in a continuing series...

If you know these three things you can solve for PI. "P" stands for principal and "I" stands for interest. PI is normally expressed as a monthly mortgage payment of principal and interest.

As long as you have at least 3 out of 4 factors (term, interest rate, principal, payment) you can solve for the remaining factor.

Some online mortgage home calculators allow you to also view and even print out an amortization schedule.

An amortization schedule is simply a spread sheet showing monthly and/or annual payments. You can even see how much interest is being paid each month and the amount of principal you are paying down.

Until tomorrow with part six,

Kate Ford = MortgageBuddy on Twitter

Posted by Kate Ford Mortgage Translator on 04/24/2009 06:38 AM

Comments (4)

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4 Comments on Mortgage Payment Calculator [If You Know Three Things] Day Five

APR

Great information for your clients. I love what technology offers!!

Marchel, When I think of the silly old things we used to use to calculate payments... yep, I too love technology!

The really great part is that homeowners can use this home payment calculator to easily create and print their customized amortization schedules. Another way for Joe The Homeowner to take control of destiny. :) kate ford

APR

Kate,

Don't you wonder how long it took to figure out an amortization schedule before the advent of the mortgage calculator?!

Mike in Tucson

Mike, I'm on the treadmill last week at the gym and everyone is watching music videos. I'm on a financial channel.

The panel is laughing together and it goes something like, "Does anyone else besides us find this stuff fascinating? Yes, we are geeks and need to get a life."

I have earbuds stuffed in my ears so I don't hear myself laughing out loud. :) kate ford

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